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How does this sound for my situation?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Member

How does this sound for my situation?

            Balance    Limit

Amex 1 $450       $1000

Amex 2 $1150    $2000

B.Buy    $1500     $3500

BOA      $4900     $6000

CCU      $3500     $5000

CITI       $3200     $4200

Disc.     $1650     $3000

S.T.       $1850     $2800

W.F.      $3400     $5000

Student Loans = 22k, payments are set to begin March '19

Child support = $500/month

2 car payments, 1=$586/month, 2nd=$284/month

My take home is roughly $3,550/month

 

The only two cards with interest are BOA and CCU. BOA being 24% and CCU only 13%.

 

My strategy is to pay off amex 1 as soon as possible and pay a little more than the minimums on the rest of the cards.

Once that one is paid off then start tackling the next smallest card.

Best buy is the only one I believe that will go after interest on the balance from before when the 0% runs out. So I have that set on Autopay to be paid off before the 0% interest offer ends.

 

I have every other normal expenses except for rent which total to about $600/month I believe.

 

My credit score used to be a high 700 before I went on a app spree and then ran them up due to things in life happening.

 

I am now sitting at 630 TU and 618 EQ using credit karma

 

Amazon: 800
Amex: 1,000
Amex: 2,000
Best Buy: 3,500
BOA: 10,000
Care Credit: 7500
CCU: 5,000
Citi: 4,200
Disc: 3,000
Nordstrom: 500
Paypal: 2000
Suntrust: 2,800
WF: 5,000


Goal - 50k CL, Current - 47300
2 REPLIES 2
Established Contributor

Re: How does this sound for my situation?


@Rjames18 wrote:

            Balance    Limit

Amex 1 $450       $1000

Amex 2 $1150    $2000

B.Buy    $1500     $3500

BOA      $4900     $6000

CCU      $3500     $5000

CITI       $3200     $4200

Disc.     $1650     $3000

S.T.       $1850     $2800

W.F.      $3400     $5000

Student Loans = 22k, payments are set to begin March '19

Child support = $500/month

2 car payments, 1=$586/month, 2nd=$284/month

My take home is roughly $3,550/month

 

The only two cards with interest are BOA and CCU. BOA being 24% and CCU only 13%.

 

My strategy is to pay off amex 1 as soon as possible and pay a little more than the minimums on the rest of the cards.

Once that one is paid off then start tackling the next smallest card.

Best buy is the only one I believe that will go after interest on the balance from before when the 0% runs out. So I have that set on Autopay to be paid off before the 0% interest offer ends.

 

I have every other normal expenses except for rent which total to about $600/month I believe.

 

My credit score used to be a high 700 before I went on a app spree and then ran them up due to things in life happening.

 

I am now sitting at 630 TU and 618 EQ using credit karma

 


I agree that with your increased UTI, you scores may have went down.  Credit Karma is providing Vantage and not FICO.  I just wanted to make sure that you knew the difference.  It is a nice free balance monitoring tool though.

FICO 8
Message 2 of 3
Established Contributor

Re: How does this sound for my situation?

What do you have left at the end of the month after everything is paid besides the credit cards?

I currently have from above - $21,600 out of $32,500 used, which brings you in at about 66.4% UTI.
Message 3 of 3